Allied Properties Real Estate Investment Trust · TSX:AP.UN
Allied Properties Real Estate Investment Trust — Q2 2026 Earnings Presentation
39 slides from Allied Properties Real Estate Investment Trust's earnings presentation, August 2026
Slide 1: Creativity & Connectivity
CREATIVITY & CONNECTIVITY August 2026 TSX: AP.UN | alliedreit.com
Slide 2: Forward-looking information
This presentation may contain forward-looking information about future events or Allied’s future performance. This information, by its nature, is subject to risks and uncertainties that may cause actual events or results to differ materially, including those described under the heading "Risks and Un
Slide 3: Table of Contents
TABLE OF CONTENTS Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Q2 2026 Results Update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Portfolio Overview . . . . . . . . . . . . . . . . . . . . . .
Slide 4: Overview
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Slide 5: Overview
OVERVIEW Allied is a leading owner-operator of distinctive urban workspace in Canada’s major cities with a mission to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. 179 0.6M SF RENTAL PROPERTIES UNDER
Slide 6: Investment Highlights
INVESTMENT HIGHLIGHTS – Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities and amenity rich neighborhoods – Diverse tenant base and unique offering of Heritage, Modern and Flex assets – Fully internalized and entrepreneurial management team – Largest and most
Slide 7: Portfolio Snapshot
PORTFOLIO SNAPSHOT GLA OF RENTAL NOI (1) BY NOI (1) BY PROPERTIES BY MARKET MARKET SPACE TYPE 8% 4% 8% 13% 9% 12% 43% 49% 34% 40% 80% TORONTO & KITCHENER MONTRÉAL TORONTO & KITCHENER MONTRÉAL OFFICE RETAIL PARKING VANCOUVER CALGARY VANCOUVER CALGARY (1) NOI is a non-GAAP measure. See Appendix start
Slide 8: Strategic Priorities
STRATEGIC PRIORITIES – Lease-up organic portfolio – Strategically recycle and allocate capital to strengthen the balance sheet – Complete current developments 7
Slide 9: Revised Outlook
REVISED OUTLOOK Execution in the first half of 2026 reinforces management’s confidence in its outlook. CURRENT ACTUALS Q1 REVISED Q2 REVISED SIX MONTHS ENDED METRIC 2026 OUTLOOK 2026 OUTLOOK JUNE 30, 2026 OCCUPIED AREA BY YEAR-END 84.4% 84% TO 86% ON TRACK - NO CHANGE NOI (1) $153.1 MILLION $310 MIL
Slide 10: Q2 2026 Results Update
ALLIED Q2 2026 Results Update
Slide 11: Financial Performance
FINANCIAL PERFORMANCE Q2 2026 Q2 2025 FFO PER UNIT (1) $0.241 $0.495 AFFO PER UNIT (1) $0.170 $0.456 LEASED AREA 86.7% 87.2% OCCUPIED AREA 84.4% 84.9% SAME ASSET NOI (2) - RENTAL (DECLINE)/GROWTH (12.6)% 1.1% SAME ASSET NOI (2) - TOTAL (DECLINE)/GROWTH (12.6)% 1.5% (1) FFO per Unit and AFFO per Unit
Slide 12: Leasing Performance
LEASING PERFORMANCE Q1 2026 Q1 2025 AVERAGE IN-PLACE NET RENT PER OCCUPIED SQUARE FOOT $25.98 $25.32 RETENTION RATE 77.0% 54.2% RENT INCREASE ON RENEWAL 1.3% 3.1% SUB-LEASE SPACE AS A % OF TOTAL GLA 2.7% 5.3% 11
Slide 13: Dispositions
DISPOSITIONS – Allied has completed total disposition of $243 million in 2026 with an incremental $78 million firm, totalling approximately $321 million of gross proceeds secured year to date. – Toronto House and Calgary House are part of Allied's non-core sales initiative and classified as held for
Slide 14: Portfolio Overview
ALLIED Portfolio Overview
Slide 15: Total Rental Portfolio GLA
PREFERRED PROVIDER OF WORKSPACE IN THE CANADIAN URBAN MARKET TOTAL RENTAL PORTFOLIO GLA 179 RENTAL PROPERTIES VALUED AT $6.8 B (Not including Properties Under Development and Properties Held for Future 14.1 M SF Development valued at $0.2B and Investment Properties Held for Sale valued at $0.4B) MON
Slide 16: Allied's Urban Workspace Formats
ALLIED'S URBAN WORKSPACE FORMATS Adaptively re-used light Mid- to high-rise structures Buildings slated for redevelopment industrial structures upgraded purpose built for workspace use. in the next five to 10 years that for office and retail uses. currently offer flexible lease terms. 15
Slide 17: Portfolio Vacancy
PORTFOLIO VACANCY The majority of Allied's vacancy is concentrated in 12 properties. 13.3% Over half of Allied’s portfolio vacancy 7.0% is concentrated in OVERVIEW OF TOP 12 VACANT PROPERTIES Q2 2026 12 properties SQUARE FEET OF VACANCY 991,014 PERCENT OF TOTAL GLA 7.0% 6.3% PERCENT OF TOTAL VACANCY
Slide 18: Average In-Place Net Rent per Occupied Square Foot
AVERAGE IN-PLACE NET RENT PER OCCUPIED SQUARE FOOT 10-YEAR AVERAGE $28 4.1% (1) CAGR $26 $25.98 $25.41 $25.23 $24 $24.10 $23.10 $22 $21.98 $21.35 $20 $20.36 $19.42 $18 $18.51 $16 $14 $12 $10 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 (1) Excludes properties under development, properties he
Slide 19: Lease Maturities - Urban Workspace
LEASE MATURITIES - URBAN WORKSPACE % OF TOTAL GLA WEIGHTED AVERAGE RENTAL RATE ESTIMATED WEIGHTED AVERAGE MARKET RATE % OF TOTAL GLA WEIGHTED AVERAGE RENTAL RATE ESTIMATED WEIGHTED AVERAGE MARKET RATE 25.0% $30.00 $27.35 $27.07 $25.99 $25.87 $25.62 $25.00 20.0% $24.46 $24.69 $24.15 $23.12 $23.05 WEI
Slide 20: User Profile
USER PROFILE WEIGHTED AVERAGE % OF RENTAL % OF TOTAL REMAINING LEASE TOP-10 USERS REVENUE RENTAL GLA TERM (YRS) % OF RENTAL REVENUE BY CATEGORY GOOGLE CANADA CORPORATION 3.5% 3.4% 7.1 3.5% 3.5% 3.5% UBISOFT DIVERTISSEMENTS INC. 3.5 4.2 6.8 4.8% SHOPIFY INC. (1) 3.0 1.9 8.0 5.7% 35.8% DELOITTE MANAGE
Slide 21: Toronto Portfolio
TORONTO PORTFOLIO REIT JOINT VENTURE ANCILLARY PARKING FUTURE ONTARIO LINE STATIONS N ONTARIO LINE EXPECTED COMPLETION IN 2031, CONNECTING 76 ALLIED BUILDINGS 20
Slide 22: Montréal Portfolio
MONTRÉAL PORTFOLIO REIT REM LINE STATIONS N REM PHASE 2 ADDED 18 STATIONS IN NOVEMBER 2025 WITH THE PHASE 3 AIRPORT CONNECTION EXPECTED IN 2027, CONNECTING 12 ALLIED BUILDINGS 21
Slide 23: Vancouver Portfolio
VANCOUVER PORTFOLIO REIT JOINT VENTURE FUTURE BROADWAY SUBWAY STATIONS N THE BROADWAY CORRIDOR IS AN EXTENSION OF SIX NEW STATIONS, IMPROVING ACCESS ACROSS THE CITY, PROMOTING WALKABLE COMMUNITIES 22
Slide 24: Calgary Portfolio
CALGARY PORTFOLIO REIT JOINT VENTURE N 23
Slide 25: Development Portfolio
ALLIED Development Portfolio
Slide 26: Development
DEVELOPMENT ALLIED CREATES VALUE BY INTENSIFYING THE USE OF UNDERUTILIZED LAND 24.4M SF potential GLA which consists of: 14.1M SF of current rental GLA 0.6M SF of properties under development 9.7M SF potential incremental density As at June 30, 2026. 25
Slide 27: Development Projects
DEVELOPMENT PROJECTS Current developments are expected to generate ~$17.9M+ of NOI ESTIMATED ACTUAL TRANSFER TO COST TO % OF DEVELOPMENT GLA ANNUAL NOI(1) RENTAL PORTFOLIO COMPLETE PRE-LEASED KING TORONTO, TORONTO - COMMERCIAL Q2 2027 - Q3 2027 84,000 $ 5.5M $ 51.6M 20% REDEVELOPMENTS (1) 375 WATER,
Slide 28: King Toronto Development Project
KING TORONTO DEVELOPMENT PROJECT ESTIMATED OWNERSHIP COMPLETION DATE COST TO COMPLETE KING TORONTO, TORONTO - RESIDENTIAL (1) 50 % Q2 2027 TO Q4 2027 $ 82.8M KING TORONTO, TORONTO - COMMERCIAL 50 % Q2 2027 TO Q3 2027 $ 51.6M TOTAL $ 134.4M (1) The estimated gross proceeds are $271,000 - $282,500 fro
Slide 29: Future Development Potential
FUTURE DEVELOPMENT POTENTIAL Total potential incremental density within Allied’s portfolio is ~9.7M SF POTENTIAL DENSITY FROM ZONING POTENTIAL INCREMENTAL DENSITY (1) COMPLETED OR IN PROGRESS (IN SQUARE FEET) (IN SQUARE FEET) 2,525,759 Le Nordelec Lot E 127,450 Adelaide & Spadina 179,017 5,711,790 K
Slide 30: Capital Structure
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Slide 31: Debt Structure
DEBT STRUCTURE Allied has ample liquidity and a well structured debt stack. UNSECURED DEBT ($MILLIONS) Q2 2026 INTEREST RATE LIQUIDITY ($MILLIONS) Q2 2026 LINE OF CREDIT (1) $51.0 Adjusted CORRA + 170 bps or Prime + 70 bps CASH $83.5 TERM LOAN (1) $99.9 3.50% UNDRAWN LINE OF CREDIT (2) $740.7 DEBENT
Slide 32: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Manageable and well-laddered debt maturity at a weighted average interest rate of 4.00%. $900 5.00% 4.67% $800 4.30% 4.15% 3.85% 3.86% 4.00% $700 3.59% $600 3.10% 3.00% INTEREST RATE $500 MILLIONS $400 2.00% $300 $200 1.00% $100 $0 0.00% Remaining 2026 2027 2028 2029 2030 2031
Slide 33: Financial Targets
FINANCIAL TARGETS – Target overall leverage below 35% and net debt-to-EBITDA below 10.0x in the near term and below 8.0x in the long term – Maintain high portion of fixed rate debt over a well-staggered maturity profile – Maintain unencumbered property value at a minimum of 80% of total investment p
Slide 34: Sources of Capital
SOURCES OF CAPITAL Allied has various sources of capital, including: ASSET SALES DEBT EQUITY / PARTNERSHIPS Capital recycling continues to be a key Unsecured debt source of liquidity • Allied will seek to • Debentures • Strong private market demand opportunistically raise • Over $740M of available e
Slide 35: Appendix
ALLIED Appendix 34
Slide 36: Certain Definitions and Non-GAAP Measures
CERTAIN DEFINITIONS AND NON-GAAP MEASURES Readers are cautioned that certain terms used in the investor presentation listed below, including any related per unit amounts, used by Management of Allied to measure, compare and explain the operating results and financial performance of Allied do not hav
Slide 37: Net Debt, Total Indebtedness Ratio, Interest Coverage Ratio
NET DEBT Net debt is a non-GAAP measure, as debt less cash, cash equivalents and a deposit Management considers to be cash equivalent. The most directly comparable GAAP measure to net debt is debt. Management considers net debt a useful measure for evaluating debt levels. TOTAL INDEBTEDNESS RATIO To
Slide 38: AFFO Excluding Condominium-Related Items
AFFO EXCLUDING CONDOMINIUM-RELATED ITEMS, FINANCING PREPAYMENT COSTS AND THE MARK-TO-MARKET ADJUSTMENT ON UNIT- BASED COMPENSATION AFFO excluding condominium-related items, financing prepayment costs and the mark-to-market adjustment on unit-based compensation starts with AFFO and removes the effect
Slide 39: 134 PETER STREET, SUITE 1700 TORONTO, ONTARIO M5V 2H2 T 416.977.9002 F 416.306.8704
134 PETER STREET, SUITE 1700 TORONTO, ONTARIO M5V 2H2 T 416.977.9002 F 416.306.8704 ALLIEDREIT.COM
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